TotalEnergies SE has signed a deal with Moho-Bilondo partner Trident Energy increasing the French energy giant’s operating stake in the Republic of Congo field to 63.5 percent, the two said.
This is part of a suite of transactions that if consummated will see Chevron Corp. exit the Moho-Bilondo, Nkossa and Nsoko II fields when Trident Energy takes over Chevron Overseas Congo Ltd., as well as will result in Trident Energy acquiring TotalEnergies’ operating 53.5 percent interest in Nkossa and Nsoko II.
The deepwater Moho-Bilondo, which sits 80 kilometers (49.7 miles) off the coast of the town of Pointe Noire, is producing at an average of 100,000 barrels of oil equivalent per day (boepd) gross using two floating production units (Alima and Likouf), according to TotalEnergies.
Meanwhile the mature fields Nkossa and Nsoko II, located 70 kilometers (43.5 miles) off the coast, have a combined average output of 15,000 boepd gross, according to TotalEnergies.
“After completion of these transactions, which are subject to customary conditions precedent, in particular regulatory approvals, and to the completion of Trident Energy’s acquisition of Chevron Congo, TotalEnergies EP Congo will hold a 63.5 percent operated interest in the Moho license alongside Trident Energy (21.5 percent) and the Société Nationale des Petroles du Congo (SNPC, 15 percent)”, TotalEnergies said in a press release. “Trident Energy will hold a [sic] 85 percent operated interest in the Nkossa and Nsoko II licenses alongside SNPC (15 percent)”.
On the Chevron side of the transactions, Trident Energy will acquire the United States oil giant’s 31.5 percent non-operated working stake in the three fields, as well as a 15.75 percent operating stake in the Lianzi field, Trident Energy announced separately.
The parties expect to close the transactions in the fourth quarter.
“With these transactions, TotalEnergies continues to dynamically manage its portfolio”, Mike Sangster, TotalEnergies senior vice president for exploration and production in Africa, said in a statement. “In line with our strategy, we focus on low cost, low emission assets, and leverage our deep offshore expertise.
“As a long-term partner of the Republic of Congo, TotalEnergies remains fully committed to the country through our increased stake and operatorship in Moho field, and is preparing for the drilling of an exploration well on the Marine XX license before summer 2024”.
Trident Energy chief executive Jean-Michel Jacoulot said the stake reorganization “aligns with our strategy to acquire and operate high quality assets in a safe, efficient and responsible manner”.
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